Investment Rating - Buy (Maintained) [1] Core Views - The company released a strong 24H1 earnings preview, with revenue expected to grow 114 3%-126 9% YoY to 3 4-3 6 billion yuan, and net profit expected to grow 286%-306% YoY to 390-410 million yuan [4] - The high revenue growth is driven by strong performance of the Han Shu brand on Douyin, with GMV increasing 136% YoY during the 618 shopping festival, and the second-tier brands also showing high growth [4] - The company is focusing on multiple channels, product series, and sub-brands, with a strategic shift back to offline channels and a diversified product matrix, including the popular Red Waist and White Waist series [5] - The company has a clear multi-brand strategy, aiming to build two super skincare brands, two strong maternal and infant brands, and two super personal care brands, expanding its influence across multiple categories and price segments [5] Financial Performance and Forecasts - Revenue for 24H1 is expected to be 3 4-3 6 billion yuan, with net profit of 390-410 million yuan, representing a net profit margin of 10 8%-12 1% [4] - Revenue for 2024E is forecasted to be 7 184 billion yuan, with net profit of 900 million yuan, and EPS of 2 26 yuan [5] - Revenue for 2025E is forecasted to be 9 109 billion yuan, with net profit of 1 166 billion yuan, and EPS of 2 93 yuan [5] - Revenue for 2026E is forecasted to be 10 832 billion yuan, with net profit of 1 414 billion yuan, and EPS of 3 55 yuan [5] - The company's gross margin is expected to improve from 72 05% in 2023A to 74 25% in 2026E, with net profit margin increasing from 11 00% to 13 05% over the same period [9] Market Performance - The stock has shown significant volatility, with a 51% decline in July 2023 compared to the Hang Seng Index, and a 9 21% drop in the past month [2] - The stock's relative performance has been weaker than the market, with a 5 29% underperformance in the past month and a 9 27% underperformance over the past three months [2] Strategic Focus - The company is leveraging its strong presence on Douyin, with the Han Shu brand achieving a GMV of 3 593 billion yuan in 24H1, a 262 41% YoY increase, and a dominant position in the beauty and skincare categories [4] - The company is expanding its product portfolio with the Red Waist and White Waist series, which have become core products, and is targeting the mid-to-low-end market with a focus on cost-effectiveness [5] - The company is also focusing on offline channels, with plans to re-enter the CS channel and leverage its existing offline resources, which accounted for 45 7% of revenue in 2019 [5] Valuation - The stock is trading at a forward P/E of 15 2X for 2024E, 11 8X for 2025E, and 9 7X for 2026E, with a dividend yield of 4 4% for 2024E, 5 8% for 2025E, and 7 3% for 2026E [5][9]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 07 月 29 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：37.45 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 上美股份 恒生指数 -51% -26% 0% 26% 51% 77% 103% 129% 2023-07 2023-11 2024-03 | --- | --- | --- | --- | |------------------|-------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -9.21 | -18.86 | -15.53 | | 相对涨幅(%) | -5.29 | -9.27 | -11.96 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2024.3.22 2.《上美股份：渠道转型现成效，打造 多品牌的化妆品集团》，2024.1.26 上美股份：24H1 预告高增 ...

证券研究报告 港股公司|公司点评|上美股份（02145） 韩束抖音势能延续+流量外溢，2024H1 营收利润快速增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月28日 证券研究报告 |报告要点 2024H1 韩束抖音渠道延续 2023 年以来高增长，且抖音流量外溢至天猫/京东等渠道，第二品 牌梯队 newpage 一页销售业绩同比大幅增长，驱动公司上半年营收利润快速增长。伴随韩束 产品拓展（红蛮腰/白蛮腰/活肤水）、抖音流量外溢至线上其它渠道与线下 CS 渠道，公司有 望通过产品极致性价比优势、灵活渠道运营能力与与韩束品牌积淀持续攫取份额。 |分析师及联系人 邓文慧 李英 SAC：S0590522060001 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年07月28日 上美股份（02145） 韩束抖音势能延续+流量外溢，2024H1 营收 利润快速增长 | --- | --- | |------------|-----------------| | 行 业： | 美容护理/化妆品 | | ...

上 市 公 司 美容护理 2024 年 07 月 28 日 上美股份 (02145) ——业绩翻倍，韩束抖音霸榜，看好洗护品类及多品牌曲线 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 07 月 26 日 | | 收盘价（港币） | 37.45 | | 恒生中国企业指数 | 6010.64 | | 52 周最高/最低（港币） | 56.95/18.38 | | H 股市值（亿港币） | 77.24 | | 流通 H 股（百万股） | 206.25 | | 汇率（人民币/港币） | 1.0952 | 一年内股价与基准指数对比走势： -24% 26% 76% 126% HSCEI 上美股份 资料来源：Bloomberg 买入（维持）投资要点： ⚫ 利润高增，多品牌多渠道共振。公司发布 2024 年上半年业绩预告：24H1 实现营业收入 34-36 亿元（同比+114.3%-126.9%），中值为 35 亿元（同比+121%）；归母净利润 3.9-4.1 亿元（同比+286 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.13 [6][7]. Core Insights - The company expects a strong revenue growth of 34-36 billion RMB for 24H1, representing a year-on-year increase of 114%-127%, with net profit projected at 3.9-4.1 billion RMB compared to 1.01 billion RMB in the same period last year [1]. - The main brand, Han Shu, and the second brand, New Page, are leading the growth, with significant sales performance noted across multiple channels [1][2]. - The report anticipates an EPS of 2.27, 2.99, and 3.54 RMB for the years 2024-2026, maintaining the previous estimates [1]. Revenue and Profit Forecast - The company forecasts revenue growth from 2,675 million RMB in 2022 to 7,309 million RMB in 2024E, reflecting a growth rate of 74.40% [5]. - Net profit is expected to increase from 147.11 million RMB in 2022 to 903.99 million RMB in 2024E, showing a growth rate of 96.05% [5]. - The report projects a net profit margin of 11.4% for 24H1, which is significantly higher than 6.4% in 23H1 [1]. Brand Performance - Han Shu's Douyin GMV reached 3.34 billion RMB in 24H1, with a quarter-on-quarter growth of 40% [2]. - New Page's performance is also notable, with a Douyin GMV of 0.8 billion RMB, representing a year-on-year increase of 206% [2]. - The report highlights the potential for further growth in the skincare market, particularly with new product launches and brand expansions [1][3]. Management Confidence - Recent insider buying by executives, including a total of 31.21 million RMB by the vice president, indicates strong confidence in the company's future [4].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 4452273 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.07.28 业绩符合预期，推进品牌及渠道拓展 上美股份(2145) 家庭及个人用品 [Table_Industry] [Table_Invest] 评级： 增持 ——上美股份 2024 半年报业绩预告点评 | --- | --- | --- | |------------------|----------------------|-------------------| | 訾猛(分析师) | 闫清徽(分析师) | 杨柳(分析师) | | 021-38676442 | 021-38031651 | 021-38038323 | | zimeng@gtjas.com | yanqinghui@gtjas.com | yangliu@gtjas.com | | S0880513120002 | S0880522120004 | S0880521120001 | [当前价格 Table_ ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The cosmetics industry in China is experiencing a slowdown in growth, with Douyin emerging as a key channel for brand expansion. The competition is intensifying, and brands must adapt to new marketing and operational strategies to succeed [1][2] - The company has established a comprehensive brand matrix covering skincare, maternal and infant care, and hair care, positioning itself across various price segments from mass to premium [1][3] - The management team has demonstrated agility and insight, successfully capitalizing on market trends and channel opportunities, particularly in leveraging Douyin for sales growth [2][19] Summary by Sections 1. Industry Overview - The Chinese beauty industry has seen a deceleration in growth since 2022, primarily due to weak consumer spending and a slowdown in e-commerce growth. Douyin has become a critical battleground for brands [1] - The competitive landscape is characterized by leading brands and emerging players, with a significant emphasis on innovative marketing strategies [1] 2. Company Profile - The company has a multi-brand strategy with a "3+N" brand structure, including major brands like Hanlai, Red Elephant, and One Leaf, covering a wide range of consumer needs [1][12] - Hanlai, the main brand, has seen significant revenue growth, achieving 30.9 billion in 2023, marking a 144% increase [1][22] 3. Financial Performance - In 2023, the company reported a revenue increase of 57% to 41.9 billion and a net profit increase of 213% to 4.6 billion, with a gross margin of 72.1% [22][24] - The company is projected to achieve net profits of 8.52 billion, 11.22 billion, and 14.07 billion from 2024 to 2026, with corresponding P/E ratios of 17, 13, and 10 [7] 4. Future Outlook - The company has a robust pipeline of differentiated new products and is focusing on refined channel management to drive growth [3][6] - The management's ability to adapt and innovate will be crucial for sustaining growth in a competitive market [2][19]

Financial Performance - Shanghai Chicmax reported a significant increase in revenue, achieving a total of CNY 1.5 billion, representing a year-on-year growth of 25%[1]. - The company’s net profit for the year reached CNY 300 million, reflecting a 15% increase compared to the previous year[1]. - Revenue increased to RMB4,190.7 million in 2023, up from RMB2,675.3 million in 2022, representing a growth of approximately 56.4%[13]. - Gross profit rose to RMB3,019.5 million in 2023, compared to RMB1,699.6 million in 2022, marking an increase of about 77.6%[13]. - Profit for the full year of 2023 was RMB461.7 million, significantly higher than RMB137.1 million in 2022, reflecting a growth of approximately 236.5%[13]. - The company’s cash flow from operations increased to CNY 400 million, indicating strong financial health and liquidity[1]. - The Group's total revenue for 2023 was RMB 4,190.7 million, a significant increase from RMB 2,675.3 million in 2022, representing a growth of 56.4%[82]. - The Group's profit for the year was RMB 461.7 million in 2023, compared to RMB 137.1 million in 2022, indicating a substantial increase in profitability[86]. Customer Growth and Market Expansion - User data indicated a growth in active customers, with a total of 5 million users, up 20% from the previous year[1]. - Future outlook includes a projected revenue growth of 30% for the next fiscal year, driven by new product launches and market expansion strategies[1]. - Chicmax plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - KANS brand achieved a gross merchandise volume (GMV) of approximately RMB3,340 million through Douyin in 2023, representing a year-on-year growth of about 374.4%[14]. - KANS secured the top position in Douyin's annual cosmetics brands ranking in 2023, highlighting its strong market presence[20]. Product Development and Innovation - The company is investing CNY 200 million in R&D for new product development, focusing on innovative skincare solutions[1]. - KANS launched new product series including Neige Blanc Skin-Whitening and Soothing Firming, targeting improvements in skin brightness and sensitivity[20]. - The company aims to continue developing additive-free, safe, organic, and minimalist skincare products to meet the growing demand for high-quality maternal and infant care products[33]. - The company launched several new brands in 2023, including ARMIYO, asnami, KYOCA, and 2032, focusing on sensitive skincare and high-end maternity products[37]. - The company introduced a new cyclic peptide and upgraded ordinary linear peptides to three-dimensional cyclic peptides, enhancing absorption and physiological activity[41]. Marketing and Brand Strategy - A new marketing strategy has been implemented, aiming to increase brand awareness by 40% through digital channels[1]. - KANS collaborated with social media influencers to create content that garnered over one billion views, enhancing brand visibility and consumer engagement[17]. - The company has focused on a multi-brand strategy, successfully launching several cosmetic brands to cater to diverse consumer needs[13]. Awards and Recognition - KANS received multiple awards in 2023, including "Annual Super Brand in Beauty Industry" and "Outstanding Case of New Domestic Brand Innovation"[21]. - The company won multiple awards in 2023, including the InnoCosme Ingredient Awards for its core ingredient Tiracle Pro and the Ringier Technology Innovation Award for Artemisia Annua Oil AN+[42]. Financial Health and Liquidity - The Group's debt to asset ratio improved to 35.1% in 2023 from 45.7% in 2022[87]. - Current ratio increased to 2.0 times as of December 31, 2023, compared to 1.7 times in 2022[87]. - The Group's liquidity position remains strong, with no material contingent liabilities reported as of December 31, 2023[87]. Corporate Governance - The board is committed to maintaining high corporate governance standards to safeguard shareholder interests and enhance corporate value[133]. - The Company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its governance practices[133]. - The Board consists of a balanced composition of executive and non-executive directors, ensuring strong independent judgment[139]. Human Resources and Employee Development - The total remuneration cost for 2023 was RMB494.6 million, an increase from RMB473.6 million in 2022, reflecting a reasonable growth in employee compensation[43]. - The Company emphasizes training and development opportunities for female staff to promote gender diversity[191]. - The Company has established fair hiring practices and competitive remuneration to maintain a strong competitive advantage in the human resources market[44]. Risk Management - The Group's risk management includes a structured organization with the Board, Audit Committee, and various departments acting as different lines of defense[200]. - Major risks identified during the Reporting Period include business risks, financial risks, compliance risks, inside information, and internal control risks[200]. - The effectiveness of the risk management and internal control systems is reviewed annually, focusing on financial, operational, and compliance monitoring[200].

证券研究报告 2024 年 03 月 31 日 美容护理/化妆品 买入（首次） 50.10 港元 60.24 港元 | --- | --- | |------------|-------| | | | | | | | 行 业： | | | | | | 投资评级： | | | 当前价格： | | | 目标价格： | | | --- | --- | |--------------------------|---------------| | 基本数据 | | | 总股本/流通股本 (百万股) | 397.96/197.34 | | 流通市值(百万港元 ) | 9,886.92 | | 每股净资产(元 ) | 4.71 | | 资产负债率 (%) | 38.36 | | 一年内最高/最低(港元 ) | 51.10/18.38 | 股价相对走势 -30% 13% 57% 100% 2023/3 2023/7 2023/11 2024/3 上美股份 恒生指数 作者 分析师：邓文慧 执业证书编号：S0590522060001 邮箱：dengwh@glsc.com.cn 分析师：李英 执业证书编号：S05905221100 ...

[Table_Page] 公告点评|日常消费 证券研究报告 [【Table_T广itle] 发 商 社 & 海 外 】 上 美 股 份 [公Tab司le_I评nves级t] 买入 当前价格 47.20港元 （02145.HK） 合理价值 54.77港元 前次评级 买入 收入利润均位于预告上限，步入增长快车道 报告日期 2024-03-24 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现] ⚫ 事件：公司披露 2023 年年报，23 年全年实现营收 41.9 亿元，同比 96% +56.6%，实现归母净利润4.6亿元，同比+213.5%，收入利润均位于 72% 此前业绩预告的区间上限。其中 23H2 实现营收 26.0 亿元，同比 48% +84.3%，归母净利润3.6亿元，同比+340.5%。 24% ⚫ 分渠道看，（1）23年公司线上渠道实现营收35.9亿元，同比+78.9%， 0% 占总营收比重为 85.6%，其中线上自营实现营收 29.1 亿元，同比 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -24% +174.5 ...